Avalon Hotel & Spa Has New Owners.

Business Editors

PORTLAND, Ore.--(BUSINESS WIRE)--Sept. 16, 2003

The Avalon Hotel & Spa on the Willamette River waterfront has been purchased by Portland developer Paul Brenneke and a group of investors, Brenneke said today.

Brenneke and his investor group purchased the popular luxury hotel and spa and the adjacent Rivers Restaurant for a reported $10.6-million in a Multnomah County deed dated Sept. 11, 2003, according to Brenneke.

"We are very excited about the new beginning and new management of the hotel, spa, and restaurant," said Brenneke. "This signals a very positive new day for the Avalon."

According to court records, the former owners of the hotel, spa, and restaurant filed bankruptcy in Multnomah County on Sept. 15.

The Avalon Hotel & Spa, located at 0455 S.W. Hamilton Court, Portland, bears the distinction of being Oregon's only member of the Small Luxury Hotels of the World.